Mikheil Lomtadze

Starting as a traditional Kazakh bank, Kaspi evolved into an integrated ecosystem of three platforms: Payments (processing the majority of consumer-to-merchant digital transactions in Kazakhstan), Marketplace (the country's dominant e-commerce platform), and Fintech (consumer lending, deposits, and insurance). Kaspi's penetration is staggering: with over 14 million monthly active users in a country of 19 million people, the platform has achieved near-universal adoption among Kazakhstan's connected population. The average user opens the Kaspi app over 15 times per day. Lomtadze achieved this by creating a frictionless ecosystem where payments, shopping, and financial services are seamlessly integrated — a model that resembles China's Alipay or WeChat Pay but with even higher per-capita penetration. Lomtadze's execution on transaction volume growth, marketplace GMV expansion, lending portfolio management, and international expansion (including the acquisition of Hepsiburada, Turkey's e-commerce platform) are the primary drivers of Kaspi's stock price. The company's listing on NASDAQ in 2024 gave it access to global capital markets.